What to do if you have a failed ATM transaction and your account is debited?

It's possible on numerous occasions, that while withdrawing money, sometimes the system could hang and there would be no money dispensed from the ATM machine. However, it is also possible that your account could have been debited, even without you receiving the money.

In this case you would have to take steps to get your money back. According to the Reserve Bank of India (RBI) the customer should lodge a complaint with the card issuing bank at the earliest, if he has a failed ATM transaction and his account is debited.

This process is applicable even if the transaction was carried out at another bank's ATM.

What is the time limit for getting credit back?

The concerned bank has to ensure that the concerned customer gets back his money within a stipulated time period. As per the Reserve Bank of India (RBI), banks have been asked to resolve customer complaints by re crediting the customers account within seven working days from the date of complaint.

Are customers eligible for compensation beyond seven working days?

Yes. Effective from July 1, 2011, the RBI has asked banks have to pay customers Rs. 100/- per day for delays beyond seven working days.

The compensation has to be credited to the account of the customer without any claim being made by the customer. If the complaint is not lodged within 30 days of transaction, the customer is not entitled for any compensation for delay in resolving his/her complaint.

In case issues still remain unresolved, customer can approach the banking ombudsman.